At the time, he sold group health insurance for a predecessor company to Regence BlueCross BlueShield of Oregon. Graves worked alongside his father for 23 years and is now the sole owner of the business. He started working at Bike Gallery when he was 15.

He's a central figure in Oregon's robust cycling community.

Graves is afounding board member of Cycle Oregon. Bike Gallery has provided mechanical assistance for riders in the long-distance bike ride for each of its 25 years. As part of the company's sale, Graves negotiated that Bike Gallery will continue in that role.

Graves also served for more than a decade as a board member of the Bicycle Transportation Alliance, helping the organization get off the ground by funding its first mailing campaigns. He and Bike Gallery have also been involved with the nonprofit Community Cycling Center, which has given bikes to thousands of children.

He also served as the president of the National Bicycle Dealers Association after 16 years on the company's board.

Graves began his succession plan three years ago.

"It's a big step and I've had to work through that process."

He said the deal is not related to the upcoming fiscal cliff, which will hike capital gains taxes by 5 percentage points.